Rochester Medical Corporation's CEO Discusses Q3 2012 Results - Earnings Call Transcript
The UK also showed solid 17% growth on a constant currency basis. These solid gains were partially offset by soft sales from Laprolan and the rest of the Europe and Middle East. We expect Laprolan will take a little longer before showing good gains, while the rest of the EME should rebound nicely in Q4, since the shortfall was simply due to the timing of larger orders.
Global private label also contributed positively to third quarter’s growth with a 16% increase in sales. As you recall, this business fluctuates from quarter-to-quarter and is showing modest 5% growth year-to-date.
We reported GAAP earnings of approximately $0.5 million or $0.04 per share and on a non-GAAP basis excluding certain non-cash expenses; we had net income of $838,000 or $0.07 per share. For the first nine-months of fiscal 2012, total sales are up 18% in constant currency and non-GAAP net income is $2.1 million or $0.17 a share. As stated, we expect a strong Q4 along with increasing top and bottom line strength in 2013.
We are investigating potential business opportunities which may help strengthen our performance and we expect that in our Q4 report and conference call, we will be able to update and better quantify our 2013 expectations.Now, Dave will give you further details on the quarter.David Jonas
Thanks, Jim. I’m going to spend a few minutes highlighting the results reflected in third quarter 2012 earnings release issued last evening after the market close. For ease of discussion, unless otherwise noted, all sales information will be discussed in constant currency. I’m doing this to exclude the impact of foreign currency exchange in order to show a true reflection of our sales growth.Foreign currency dampened our top line this quarter by approximately $425,000. As most of you have seen, the euro has weakened sharply in the last few months versus a year ago and two-thirds of the third quarter impact from the foreign currency was from the weakening of the euro. Our foreign exchange risk is limited to our sales in the UK and Holland. These sales currently makeup about 60% of our total company sales and fluctuations in these rates will have an impact on both our top and bottom line results.
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